Governance strategy: a property right approach turning governance into action |
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Authors: | Sven-Olof Collin |
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Institution: | (1) Department of Business Studies, Kristianstad University, Kristianstad, 291 88, Sweden |
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Abstract: | Corporate governance (CG) needs to acknowledge the intentional part of governance, where an actor of governance uses the set
of corporate governance mechanisms in order to influence the agent to create a performance that will satisfy the interest
of the principal. This paper offers a conception of this activity through the concept of governance strategy. The concept
is based on a property right approach and derived within the context of agency theory, stressing the interest and the capacity
of the principal. It is applied to two empirical organisations seldom investigated in CG research: the organisation of multinational
corporations in a business group and the organisation of a riding school in a democratic not-for-profit association, thereby
extending the relevance of the concept from corporate governance to organizational governance. The empirical analysis indicates
the relevance of the conception and suggests further extension through hypotheses of governance strategy related to environmental
influence, accessibility of governance mechanisms and momentum of mechanisms.
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Keywords: | Agency theory Corporate governance Governance strategy Property rights |
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